Buying a property to 'flip' with friends / Transferring to a Domestic Mortgage to BTL

[sebprosser 0]

Hi all,

So myself and 2 other friends (All aged 23) are looking to put our funds together to buy a 3 bedroom property (£180k-£210k) next year, that is in need of interior renovation/modernisation - A relatively easy flip in terms of work to the house. Once flipped, we ideally would like to rent this property out and use a letting agent, possibly with full property management, and split the profit .

However, my questions are all mortgage related queries: 

- How easy is it to swap from a residential Mortgage onto a BTL? Bearing in mind 2 of us are in the RAF so receive several exceptions to common mortgage restrictions.

- Is it better idea to split a mortgage 3 ways or have one of us put the mortgage in his name?

- Any other advice around this strategy?

Thanks

S